投资者在上海股交中心办理开户手续 Investors in Shanghai stock into center to open procedures

　　——来自上海股权托管交易中心的调研

- from Shanghai equity trusteeship trading center of research

　　11月20日的北京，窗外寒风阵阵，室内温暖如春。央行行长周小川在十八大后首次面向媒体解读金融业改革与发展的蓝图，并提出要积极“探索构建全国性和区域性市场协调发展的多层次股权交易市场体系”。

On November 20th Beijing,Outside the window the wind,Indoor as warm as spring.Central bank governor zhou xiaochuan in the eighteenth big media for the first time after to interpret financial sector reform and development of the blueprint,And put forward to the positive"Constructing national and regional market to explore the coordinated development of the multi-level equity market system".

　　周小川说，“在统一规则的前提下，允许区域性市场根据当地实际进行差异化的制度安排。统筹考虑不同层次市场间的转板机制，形成各层次市场间的有机联系，满足中小企业多样化的融资和股权转让需求。”

Zhou xiaochuan said,"In the premise of uniform rules,Allow regional market according to local actual for differentiation institutional arrangements.To plan as a whole to consider different levels between the market turn plate mechanism,Form all levels between market organic connection,Meet the diversity of small and medium-sized enterprise financing and stock transfer demand."

　　此时，千里之外的上海股权托管交易中心（下称：上海OTC）正忙着为一家中小企业路演。该中心总经理张云峰介绍情况后刚从会场走出，就被等候已久的保罗生物高管拉到一边，探讨企业新规划。这家在上海OTC已成功完成定增融资的企业正酝酿新的动作。

At this time,Miles away Shanghai equity trusteeship trading center(said:Shanghai OTC)Are busy for a small and medium-sized enterprise road shows.The center ZhangYunFeng introduces general manager after just arrived from the meeting out of,Was waiting for already a long time of Paul biological executives aside,Exploring the enterprise new planning.The Shanghai OTC has successfully complete the constant increase of the financing of enterprises are poised for new action.

　　今年2月才开业的上海OTC，在政策夹缝中，在新三板扩容压力下，在其他省份纷纷开设地方OTC的态势下，为何还陆续获得中小企业的青睐与“投奔”？近期，本报通过实地调研及专访该中心总经理、部分挂牌企业，试解这个颇为独特的地方OTC样本。

February this year only opened Shanghai OTC,In the policy squeezed,In the new SanBan flash pressure,In other provinces have been set up local OTC trend down,Why it has been successively awarded the favour of small and medium-sized enterprises with"to"?recent,Through the investigation and interview the center general manager/Part listed enterprise,Try to solve the rather unique local OTC sample.

　　⊙记者 关文 李锐 郑培源 ○编辑 全泽源

⊙ reporter GuanWen LiRui ZhengPeiYuan ○ edit all ze source

　　为挂牌企业解“资渴” For listed enterprise solution"Endowment thirsty"

　　“虽然38号文对地方股权交易中心有较多限制，比如挂牌企业的股东人数不能突破200人，但上海OTC却悄悄走出了自己的生存之道。我们企业去年刚成立，在该中心挂牌后，现在已经实现定增融资了。”在上海OTC挂牌的天谷科技高层如此表示。他坦言，如果公司不登陆上海OTC，现在这个经济环境，要股权融资真的很难。

"Although 38 text on the local equity trading center have more restrictions,Such as listed enterprise's shareholders can't break out of 200 people,But Shanghai OTC but slipped out of his the way of existence.Our company was established last year,In the center after listing,Now realize constant increase the financing."In Shanghai OTC listing day valley technology senior said.He said,If the company does not landing Shanghai OTC,Now the economic environment,To equity financing really difficult.

　　截至2012年11月15日，在上海股交中心挂牌的企业已达29家，后续储备企业196家，挂牌企业涵盖了北京、江苏、河北、湖北等地。同时，市场参与主体规模稳步扩张，目前投资者开户数共1093户，其中机构104户。尤为难得的是，运营虽仅9个月，上海股交中心已帮助挂牌公司实现融资逾5亿元；已完成挂牌后定向融资2家，募集资金近9000万元。

By November 15, 2012,In Shanghai shares listed into the center of the enterprise has reached and home,Subsequent reserve 196 enterprises,Listed enterprise covers the Beijing/jiangsu/hebei/Hubei, etc.At the same time,Market participation main body scale steady expansion,Now investors accounts a total of 1093 households,The mechanism of 104 households.Particularly is rare,Though operation only nine months,Shanghai stock into center has help listed company achieve financing of more than 500 million yuan;Has been completed after the listing directional financing two,To raise funds nearly 90 million yuan.

　　中心挂牌企业保罗生物，今年4月通过上海OTC实现了定增融资，募集资金7200万元，静态市盈率25倍。融资后，公司业绩呈现出较快成长。“融到资才是最重要的指标。”保罗生物总裁武庆告诉记者，“务实、扎实、朴实，我们就是冲着这三个"实"来上海股交中心的。”目前该公司已经进入IPO选择中介阶段。

Center listed enterprise Paul biological,In April this year through the Shanghai OTC realize the constant increase financing,Raising capital of 72 million yuan,Static p/e ratio of 25 times.After financing,The company performance present a fast growth."DaoZi harmony is the most important index."Paul biological President WuQing told reporters,"practical/solid/guileless,We are at the three"real"Come to Shanghai shares into the center."At present, the company has entered into IPO choose intermediary stage.

　　另一家挂牌企业电虎科技下半年进行的第二轮融资，募集资金1000万元，静态市盈率为 13.5 倍。主营绿色超级稻的天谷科技，在今年10月启动了挂牌后的首次定向增资，由于该公司2012年上半年亏损，故原定增资价格为2.4元/股，但出乎意料的是，该公司的定增受到了投资者的踊跃认购，增资价格上涨至2.7元/股。“这就是资本市场对企业价值发现功能的体现。”张云峰告诉记者，“所有挂牌企业的融资需求都得到了满足，这在包括新三板在内的场外交易市场中独此一家。”

Another listed enterprise electric tiger science and technology of the second half of the second round of financing,Raising capital of 10 million yuan,Static p/e ratio is 13.5 times.The day of the super rice main green valley technology,In October this year started the listed first directional capital increase,Because of the company in the first half of 2012 losses,Originally scheduled for capital increase price 2.4 yuan/share,But unexpectedly,The company's constant increase by the investors subscribe enthusiastically,Capital increase prices to 2.7 yuan/share."It is the capital market on the enterprise value found the embodiment of the function."ZhangYunFeng told reporters,"All listed enterprise financing needs are satisfied,This includes new SanBan, the over-the-counter market alone this one."

　　从债权融资方面，股交中心积极联合多家商业银行为挂牌企业量身定制了专属信贷产品，提供信用贷款、抵押贷款、股权质押贷款等服务。股交中心已促进挂牌公司实现债权融资总额达15.61亿元，促进民生银行(600016,股吧)、工商银行(601398,股吧)等为挂牌企业提供授信额度达30多亿元。

From the aspects of debt financing,Shares into center actively combined several commercial bank as listed enterprise customize the exclusive credit products,Provide credit/mortgage/Equity pledge loan and other services.Shares into the center has to promote the listed company to realize creditor's rights financing totalling $1.561 billion,Promote minsheng bank(600016,guba)/Industrial and commercial bank of(601398,guba)As listed enterprises provide line of credit up to 30 more than one hundred million yuan.

　　在上海OTC挂牌的企业为何能实现顺利融资？该中心总经理张云峰认为，设计好市场制度是第一关，选拔好企业苗子是第二关，“栽下梧桐树，引得凤凰来”，就不怕聪明的投资者不被吸引过来。截至11月15日，股交中心挂牌企业股份交易成交股数2324.96万股，成交金额共9364.28万元。目前可交易企业21家，已交易企业14家。从开业9个多月以来的运营情况看，上海股交中心已经为加入中心的企业、推荐机构、投资者等各方参与者带来了财富效应，形成良性循环。

In Shanghai OTC listing enterprise why can realize smooth financing?The center general manager ZhangYunFeng think,Design good market system is the first shut,Selection of good enterprise young plant is the second shut,"Planted next firmiana,From phoenix to",You aren't afraid to smart investors will not be attracted.By November 15,,Shares in listed enterprise stock trading center clinch a deal shares 23.2496 million shares,Clinch a deal amount a total of $93.6428 million.At present can trade enterprise and home,Already trading enterprise and home.From practice over nine months of operation condition of the watch,Shanghai shares into the center has to join in the center of the enterprise/Recommend institutions/Investors all parties participants brought wealth effect,Benign cycle.

　　财富效应不仅反映在投资者和被投资的企业上，股交中心前三季度的各项财务指标也非常健康，实现营业收入2570万元，上缴各类税收307万元，实现净利润1300多万元，确保了国有资产的保值和增值，成为同类场外交易市场中唯一一家盈利的股权交易中心。

Wealth effect is reflected not only in investors and investment on the enterprise,Shares in the first three quarters of the center of the financial indexes are very healthy,To realize the business income is 25.7 million yuan,Hand over to all kinds of tax 3.07 million yuan,A net profit of more than 1300 yuan,Ensure that the state-owned assets is to maintain and increase its value,Become a similar over-the-counter market only a profitable equity trading center.

　　规范之下求创新 Under the standard for innovation

　　1931年，英国金融产业委员会的麦克米伦爵士向政府提交报告，认为中小企业发展过程中存在的资金缺口难以解决，因为“资金的供给方不愿意以中小企业所要求的条件提供资金”。从此，“麦克米伦缺口”(Macmillan Gap)这一概念进入金融学词典，破解“麦克米伦缺口”的问题成为世界性课题。

In 1931,,Britain's financial industry committee McMillan jazz to submit a report to the government,Think small and medium-sized enterprise development existing in the course of financing gap is difficult to solve,because"Funds would not be realized in small and medium-sized enterprises to provide funds required conditions".From now on,"Macmillan gap"(Macmillan Gap)This concept into the finance dictionary,crack"Macmillan gap"Problems become a worldwide topic.

　　中小企业、小微企业融资难问题在我国特别突出。政府部门近年来也屡出政策以化解该难题。大力发展多层次资本市场体系就是重要举措。如新三板扩容，如各地开设区域性股权交易中心。在这其中，成立时间相对较短的上海股交中心在规范运作前提下显示了较高的制度创新能力与高效的运行机制。作为同类要素市场中唯一一个在市场运行前各项制度全部到位的市场，上海股交中心制定了涵盖总体业务规则、市场参与主体、审核、挂牌、定向增资、股份转让、登记结算、信息披露以及市场监管等全部业务环节的完善的制度规范，填补了场外交易市场制度体系建设的空白。

Small and medium-sized enterprise/Small micro enterprise financing difficult problem in our country especially prominent.Government departments in recent years also repeatedly out policies to resolve this problem.Vigorously develop multi-level capital market system is an important measure.Such as the new SanBan flash,All such as open regional equity trading center.In the,Time of founding a relatively short period of Shanghai stock into center in the standard operation premise showed higher system innovation ability and efficient operation mechanism.Similar elements in the market as the only one in the market before running the system all in place of the market,Shanghai shares in the center of enacted the covers overall business rules/Market participation main body/audit/listed/Directional capital increase/Share transfer/Registration and settlement/Information disclosure and supervision of market business links all the perfect system specification,Fill the over-the-counter market system construction of the blank.

　　在挂牌企业准入上，上海股交中心不仅贴近中小企业需求，优化了市场准入门槛，更在挂牌企业的质量和监督上严格把关。如首次提出对挂牌企业不设设立年限的限制和不片面强调主营业务突出的要求，并允许企业在进行充分信息披露的前提下带着问题挂牌。但对公司的定向增资均采取市场审核与政府备案相结合的方式，审核过程又分为初审和审委会审核两个阶段，同时要求企业的信息披露、年报审计等参照主板市场执行。“中心开业以来，陆续有各地政府官员来参观学习，希望借鉴我们的制度与规则。”张云峰如此说。

Listed in the enterprise access,Shanghai stock into center not only to small and medium-sized enterprise needs,Optimize the market access threshold,More in the listed company's quality and supervise strictly on.As this paper proposes for the first time listed enterprise do not set to set up the fixed number of years the limit and no undue stress on the main business outstanding requirements,And allow the enterprise when carries on the premise of full information disclosure with problems listed.But to the company's capital market orientation is to take the examination and a combination of government for the record,Audit process and divided into trial and ShenWeiHui audit two stages,At the same time the requirement of the enterprise information disclosure/Annual audit and reference main board market execution."Center since the opening of,In in succession the local government officials to visit learning,Hope for our system and rules."ZhangYunFeng so said.

　　凭借规范的市场操作和灵活有效的机制，上海股交中心得到了挂牌企业的充分信赖。不仅成功融资的企业对中心的服务和支持交口称赞，多家新挂牌的企业也对记者表示，挂牌意味着企业全新阶段的开始，解决融资难题已经渐入绿色通道。

With normative market operation and flexible and effective mechanism,Shanghai stock into center got listed enterprise full trust.Not only the success of the enterprise financing to center service and support extol,Several new listed enterprise also told reporters,Listing means the beginning of enterprise completely new stage,To solve the financing problem has been gradually into the green channel.

　　券商机构积极布局 Brokers agencies active layout

　　上海OTC初步展现出的市场潜力，也引起了交易所及诸多投资机构的兴趣。

Shanghai OTC preliminary show market potential,Also has caused the exchange and the interest of many investment institutions.

　　就在今年七八月间，上海证券交易所子公司上证所信息网络公司相继参股了上海股权托管交易中心和新设立的浙江股权交易中心，成为两家股交中心的第二大股东，这彰显了其大力支持场外市场的决心。交易所的入股，一方面能够有效延伸其自身的场外市场业务、为日后储备上市资源，另一方面也为股交中心借鉴上交所的运营经验提供了一个宝贵的平台。“虽然也有其他地方的股交中心主动与上海证券交易所沟通过相关入股的意向，但是进展似乎都不太明显，作为股交中心当中的佼佼者，上海股交中心显然是上海证券交易所的首选。”有业内人士分析说，作为股东，上海证券交易所将会尽快参与到上海股交中心的业务管理当中，更为重要的是，这种层面的合作也为未来上海股权托管交易中心的挂牌企业建立转板上交所的机制提供了可能性。

In July this year between,Shanghai stock exchange subsidiary sse infonet information network companies have participation Shanghai equity trusteeship trading center and a new zhejiang equity trading center,Become two shares into the second largest shareholder at the center,This demonstrated its strong support otc market determination.Exchange in,On the one hand can effectively extend its own otc market business/For future reserves listed resources,On the other hand also for shares into the center ShangJiaoSuo reference of operating experience provides a valuable platform."Although there are other local shares into the active center and Shanghai stock exchange communicating related invest intention,But progress seems to be not too obvious,As a share of the pay center leader,Shanghai stock into center obviously is the first choice of the Shanghai stock exchange."Analysis of the personage inside course of study says,As a shareholder,Shanghai stock exchange will participate in the Shanghai shares as soon as possible into the center of business management,More important is,This level of cooperation for the future Shanghai equity trusteeship trading center of listed enterprises establish turn plate ShangJiaoSuo mechanism provides a possibility.

　　本月初，申银万国、国泰君安正式申请成为上海股权托管交易中心推荐机构会员。

Earlier this month,ShenYin all the nations/Guotai junan formal application to become Shanghai equity trusteeship trading center recommend agency members.

　　继中国证监会8月《关于规范证券公司参与区域性股权交易市场的指导意见（试行）》出台后，今年10月，中国证券业协会更进一步推出《证券公司参与区域性股权交易市场管理办法（讨论稿）》，明确了在符合相关要求的前提下，证券公司参与区域性股权交易市场开展业务的合规性。此举大大激发了券商参与区域性股权交易市场建设的热情，甚至有很多券商在很早之前就已经暗暗加快了跑马圈地的步伐。

The China securities regulatory commission on August[On regulating the securities companies to participate in regional equity market's instruction opinion(trial)]Issued after,In October this year,China securities industry association introduced further[Securities companies to participate in regional equity market management measures(Discussion paper)],Made clear in accordance with the relevant requirements of the premise,Securities companies to participate in regional equity market business compliance.This greatly stimulated brokers participate in regional equity trading market construction enthusiasm,There is even a lot of brokers in the early before they have secretly to speed up the pace of the horse race enclosure.

　　“现在想要参与的券商非常多，我们开业以来已经接到了大量证券公司递来的橄榄枝。”张云峰说，股交中心职能发挥得好，证券公司才有可能从中获得收入，并进一步获取企业今后进一步转主板创业板的题材，最终将股交中心培育形成规范的企业培育基地。所以，无论从目前还是长远发展看，券商都非常愿意参与股交中心的建设，而参与模式一般首选都是参股，其次才是会员。

"Now want to participate in the securities trader very much,We have received a lot since the opening of the securities company to pass of the olive branch."ZhangYunFeng said,Shares into center functions well,Securities companies can be get income,And further get enterprise further turn motherboard gem theme,Will eventually shares into center cultivating form standard enterprise cultivation base.so,No matter from the current or long-term development to see,Brokers are willing to participate in shares into the construction of the center,In the general model for is participation,Second is the member.

　　事实也的确如此。继财通证券、浙商证券入股浙江股权交易中心，中信证券(600030,股吧)、国信证券、安信证券参股前海股权交易中心之后，近日，又有华泰证券(601688,股吧)、东吴证券(601555,股吧)、国联证券、东海证券及南京证券等5家券商将以参股形式参与江苏场外市场。

That's the way it goes.After wealth through securities/Zhejiang merchants securities in zhejiang equity trading center,Citic securities(600030,guba)/Securities held/Anxi securities participation sea before equity trading center then,recently,And huatai securities(601688,guba)/Soochow securities(601555,guba)/The nl securities/Donghai securities and nanjing securities brokers will be five to participation form to participate in jiangsu otc market.

　　但是，对于券商的争先恐后，上海股交中心却并未立即“敞开大门”。张云峰解释说，最主要的原因还是在等待规范验收，上海股交中心虽然在今年4月就已经通过验收，但是国务院部级联合会议要求以省为单位统一申报，这也就意味着上海20多个要素市场需全部验收整顿结束才能申报。

but,For the securities trader's fall over each other,Shanghai stock into center but did not immediately"Open the door".ZhangYunFeng explained,The main reason or waiting for standard acceptance,Shanghai stock into center although in April this year has been through the acceptance,But the state council ministerial meeting requirements to save for the unit unified declaration,This also means that Shanghai more than 20 factor market need all acceptance rectify the end to declare.

　　由于看到了其中的商机，一些投资机构也纷纷来股交中心寻找淘金的机会。

Due to see one of the business opportunities,Some investment institutions also have to share into the center to look for gold opportunity.

　　“在这个市场上，这些投资机构的嗅觉永远是最灵敏的。”张云峰说，中国的资本市场发展了二十多年，主要建设了主板市场，创业板从2009年正式开盘至今也就只有300多家企业挂牌，国内投资机构退出渠道其实是相当狭窄的。场外市场的蓬勃发展，正好给他们带来了重要的机遇，使他们能够借助这个市场分享挂牌企业的发展所带来的收获。

"In this market,These investment institutions sense of smell is always the most sensitive."ZhangYunFeng said,China's capital market development for more than twenty years,Main construction the main board market,Gem from 2009 officially opened so far is only more than 300 companies listed,Domestic investment institutions exit channel is actually quite narrow.The vigorous development of otc market,Just bring them the important opportunity,So they can use this market share listing enterprise development brought about by the harvest.

　　场外市场建设“还在路上” Otc market construction"Still on the road"

　　“我们仍在路上。”张云峰告诉记者。成长和完善中的不止上海股交中心，整个场外交易市场建设才刚刚开始。总体架构尚未确定，交易规则尚未统一，从挂牌企业到投资者的数量还只是九牛一毛。

"We are still on the road."ZhangYunFeng told reporters.The growth and improve more than Shanghai shares into the center,The entire otc market construction is just beginning.General framework has not yet been established,Trading rules has not been unified,From the listed companies to the number of investors is only a drop in the bucket.

　　今年六月的陆家嘴金融论坛上，与场外交易市场息息相关的监管部门领导、各交易所高层、学界及国外市场的专家们济济一堂，共同探讨中国场外市场的未来。上海交通大学高级金融学院副院长吴国俊指出，我国应该鼓励建立多个区域性场外市场而不是全国单一的场外市场。“由于微型企业有严重的不对称，投资者对本地企业有信息上的优势，区域性的交易中心必不可少。”而鼓励企业跨区域的挂牌，以防止区域内的垄断，实现市场的合理竞争。重庆金融办主任阮路则呼吁在统一的规则体系下，给交易中心以灵活操作的空间，如允许做市商提供流动性、有效性和稳定性。

June this year the lujiazui finance on BBS,Is closely related with the over-the-counter market regulators leadership/High-level exchanges/Academic circles and foreign market experts a gathering of many people,Discuss China otc market future.Shanghai jiaotong university, vice President of the college senior financial WuGuoJun pointed out,China should encourage the creation of multiple regional otc market rather than the single otc market."Due to the miniature enterprise has serious asymmetry,Investors for local enterprises have the advantage of information,Regional trading center essential."And encourage enterprises to cross area to hang out one's shingle,In order to prevent the area of monopoly,To realize the reasonable market competition.Chongqing financial do director yuen road is called for in the unified rules system,Give trading center with the flexible operation space,Such as allow marketmaker provide liquidity/Validity and stability.

　　而张云峰提出，场外市场要允许市场化的竞争，在竞争当中改善服务，在竞争当中实现优胜劣汰；同时在风险可控的情况下适度放宽政策。“站在金融改革的背景之下，只有将金融的活水适时适度地引入到中小企业的田地里，切实解决他们融资难的问题，才是场外交易市场的立足之本。”张云峰说。

And ZhangYunFeng put forward,Otc market to allow market competition,Improving the service in the middle of the competition,In the middle of the competition achieve survival of the fittest;At the same time under the condition of risks are controllable moderately relaxed policy."Standing in the financial reform under the background,Only will financial running water timely moderately is introduced into the small and medium-sized enterprise field,To solve their financing difficult problem,Is the over-the-counter market is the base."ZhangYunFeng said.